The Co-operative Bank launches new higher interest rate Select Access Saver 10 account
19 February 2019
- Start 2019 with a savings habit by taking out a Select Access Saver 10 account with The Co-operative Bank.
- Savers can be assured that by choosing an account with The Co-operative Bank they are putting their money in a bank that is committed to its customer-led Ethical Policy.
The Co-operative Bank is kicking off 2019 with a new improved rate on its Select Access Savings product. From today, the Select Access Saver 10 (SAS 10) account is available offering an interest rate of 1.40% gross / AER applied to accounts when four or less withdrawals are made in a calendar year and is available to both new and existing customers.
The SAS 10 account is a great option for customers who want to save regularly throughout the year but who may need to use that money for a purchase or to pay for an unexpected expense. If the savings are for a holiday or a rainy day, the SAS 10 account gives flexibility to save over the year and make up to four withdrawals without seeing a drop in the interest rate applied to the funds.
With this latest version of the SAS product, the reversion interest rate offered to customers who do make more than four withdrawals in a year is improved. SAS 10 and all other versions of the Select Access Saver account will, from today, revert to 0.30% gross / AER, up from the previous rate that was 0.10% gross / AER.
A summary of SAS 10 features:
- Access which allows customers up to four withdrawals per calendar year - once the withdrawal limit is exceeded the interest rate will reduce to 0.30% gross / AER for the rest of the calendar year. There is no limit on the number of withdrawals allowed.
- Minimum opening deposit of £500, maximum balance of £1,000,000.
- Once opened the balance can drop to £1 which is the minimum balance for this account.
- Available for applications online, over the phone or in Co-operative Bank branches.
- Customers can add to their account whenever they like by paying in cash, cheques or by sending electronic payments to the account including standing orders and internal transfers.
- Customers can withdraw whenever they like, over the phone by setting up a link to a current account of their choice, or by visiting us in branch or by post.
- Available as a sole or joint account.
- Statement based (no passbook or ATM card).
- Interest is paid annually on the first working day after January 1st each year.
For full details of SAS 10 please visit Select Access Saver 10
Ethically minded savers looking for a competitive and flexible saving product can be assured their savings will be held by the only UK high street bank with a customer led Ethical Policy. The Ethical Policy is part of the Articles of Association of the bank; meaning it is committed to operating in line with the values and ethics it shares with its customers.
The Bank provides a wide range of bespoke banking services for charities, community groups, voluntary organisations and social enterprises, who share our co-operative values and the bank lent £40 million to this sector last year.
Maria Cearns, Managing Director of Current Accounts and Savings at The Co-operative Bank, said:
“We’re delighted to be able to offer a competitive rate on our newly launched SAS10 account which also gives customers the benefit of being able to access their money if they need it. The SAS 10 account is a good place to save regularly as up to four withdrawals can be made in a calendar year without a reduction in the interest rate offered. This is a fairer option for those that want to save at a competitive rate but need some flexibility.”
“Values and ethics are important to our bank and we ensure that we offer good service and competitive savings returns for our customers as well as supporting good causes; such as those that protect the environment and those that promote social and economic growth in Britain. Our customer-led ethical policy has been shaped by more than 320,000 customer and colleague viewpoints over more than 25 years.”
For more information on The Co-operative Bank’s Ethical Policy, visit:
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Rates correct as at 9am Wednesday, 16 January. 2018
For full details visit: https://www.co-operativebank.co.uk/savings/select-access
Notes to editors:
For full details of savings products available from The Co-operative Bank:
The rate that was previously available on the now withdrawn SAS 9 product was 1.20% gross / AER, with a reversion rate of 0.10% gross / AER if a customer exceeds the four withdrawals permitted.
The Co-operative Bank
Tel: 0161 201 1590 Email: firstname.lastname@example.org
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around four million retail and SME (Small and Medium Sized Enterprises) customers and is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.